Could you please identify and briefly explain the three primary financial statements that are commonly used to assess a company's financial performance?
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In your response, clearly identify the three primary financial statements - the balance sheet, the income statement, and the cash flow statement. Proceed to offer a concise yet comprehensive explanation of each, detailing the kind of information they provide and their importance in assessing a company's financial health. If possible, use real-world examples or scenarios to demonstrate your understanding effectively.
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